The 2023 tech rundown for insurance industry organizations

August 24, 2023 9:14 AM

Enjoy complimentary access to top ideas and insights — selected by our editors.

Insurers are still investing in technology, even in the current economic state, with a majority of organizations surveyed saying they expect to increase their tech spending this year.

Arizent, publisher of leading brands in financial and professional services, conducted original research to find out which types of technology insurance companies are focusing on in the current economic climate and the key factors that are likely to impact their spending decisions.

This research was conducted online in December 2022 among 83 insurance sector respondents with knowledge of and/or involvement in their institution's tech initiatives.

Scroll through to find out what the research reveals.

Insurance companies are reassessing how they implement tech changes due to economic factors.

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Despite economic headwinds, many insurance organizations are still investing in technology.

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They are also mostly increasing or maintaining IT headcount.

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The most active tech priorities are enhanced security, data collection/analytics and customer onboarding/origination.

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Impact on workforce productivity, cost pressures and regulatory compliance are driving these active tech priorities.

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More than 60% of organizations are investing at least moderately in leveraging IoT devices.

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Institutions cite digital platforms, predictive analytics/ big data and cloud-based apps as having the most transformative potential.

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70% of respondents see promising activity or solid progress when it comes to insurtechs and innovation.

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Additional information
To learn more about not only the results from insurance professionals but others in the financial services industry, download our premium editorial report at https://www.dig-in.com/research-report/is-your-tech-agenda-set-for-safety-or-standout-growth.